Hinduja Foundries' GDR issue to open on Friday

NEW DELHI: Hinduja Group company Hinduja Foundries today said it plans to raise up to Rs 400 crore through issuance of global depository receipts (GDRs) that will open tomorrow.

In a regulatory filing, the firm said: "Finance Committee of the Board of Directors has, at its meeting held on March 15, 2016, decided the opening of the GDR Issue on March 18, 2016."

In January this year, the Finance Committee of the Board of Directors of Hinduja Foundries recommended to the Board to issue GDRs to promoters, promoter group, group company(ies) to invest in GDR for up to Rs 400 crore.

Its shareholders approved the issue by way of a special resolution passed through postal ballot whose results were announced on March 8, 2016.

The filing further said: "... a meeting of the Finance Committee of the Board of the company is scheduled to be held on March 21, 2016, to consider and determine the issue price of the GDR to be issued..."

Shares of the company today fell by 0.41 per cent to settle at Rs 36.70 apiece on BSE.